What’s hot in the West End Property Market
Spring is traditionally the busiest time of the year for the property market and 2021 is no exception. As Lockdown restrictions start to ease, lifestyle changes mean a buoyant market while a shortage of supply sustains prices.
Our sales team have been busy agreeing moves and seeing an increasing number of enquiries as many of us return to our pre-Covid routines. We have also witnessed a spike in people looking to move closer to their workplace to cut down on commuting, whether a main home or a little Pied à Terre.
There is a strong demand for one and two-bedroom properties up to the £1 million mark. Beyond £1 million, activity levels are starting to pick up, and three-bedroom apartments between £1.5 million and £2.5 million are gaining popularity in desirable blocks, however, stock levels for this type of property are running low.
Understandably, outside space is still highly sought after, although some buyers and renters are just as happy to be near one of London’s many leafy squares and Royal parks if their budget doesn’t allow for a patio or garden.
Properties that show well are those dressed to maximise their potential or that are unique in some way, and those that offer an opportunity to refurbish, and are priced accordingly, are also performing well.
Hudsons offer sole agency sellers the opportunity to use our bespoke furniture sourcing service with an exclusive 0% finance offer (subject to terms and conditions, please call 020 7323 2277 for more information). This has been proven to increase the price achieved and shorten marketing time.
To give you an idea of what’s coming up with Hudsons Property, this well-presented two-bedroom apartment in a charming period building in the heart of Fitzrovia includes a residents’ roof terrace. Lancaster Court is brimming with sought-after features, from a leaded bay window to a stylish fireplace and herringbone parquet flooring. The sleek kitchen has integrated appliances and space to eat and there’s an exquisitely tiled bathroom.
Now under offer, we all loved this one-bedroom mansion flat on tree-lined Bedford Avenue in one of Bloomsbury’s most sought-after portered blocks. The architecturally designed pad features high ceilings, library shelving in the entrance hall and a large bay window. There’s a fully integrated streamlined kitchen with space for dining and honeyed wooden flooring. Access to the private garden in Bedford Square is available through permission from the Bedford Estate.
The rental market is historically quite seasonal, with November to April often quieter than May to October. However, this changed in 2021 as tenants rushed to upgrade their living spaces to make the most of cheaper rents. Tenants are also requesting longer initial terms, so they can lock in the pandemic-related discounts of up to 20%, as short lets flooded the long-let market.
The sweet spot for tenants in central London right now is undoubtedly one-bedroom flats with 60% of the market share, and naturally, those with outside space or close to a park, square or communal garden are snapped up first.
Properties that show well rent faster and for more money as tenants are looking to get the best bang for their buck. Staging serves to create more interest and achieve higher rents while also cutting down on marketing time and limiting void periods. Again, for sole agency landlords, Hudsons’ offers 0% finance (subject to terms and conditions, please call 020 7323 2277 for more information).
Rentals such as this luxurious development on Babmaes Street, St James, suits a busy London lifestyle, with a high-end contemporary living space including a light-filled double bedroom, sleek hotel-style bathroom, high-spec glossy kitchen and open-plan reception room.
Outstanding finding from the first quarter of 2021
Without a doubt, Covid has accelerated the use of technology in the property market. All of our properties now come with 360-degree videos and a separate bespoke video which helps buyers and tenants whittle down their hit list of favourites to view in real life. Although fewer physical viewings are taking place, there’s a higher success rate as the research has already taken place. On top of this, we have seen an uptake in requests for FaceTime and video viewings with tenants seeking something slightly more bespoke. We historically used this approach for overseas tenants, but now it works well for London-based buyers and renters.